Questions to ask about opening an account

Bank accounts can be complicated.

Once you have a chunk of cash, you can go to a bank or credit union and ask a few questions. Some of them include:

• What interest rates do you offer for savings accounts? (It will be low but that is okay for now.)
• How much money do I need to have to open a savings account?
• Are there any fees for withdrawing?
• Do you offer online banking?
• Are there maintenance fees?
• Is there a minimum balance required?

Resources

Good resources for finding banks or credit unions that cater to kids are:

Nerd Wallet: Online review of interest rates and account features.

The Simple Dollar: Tips on different kinds of accounts for kids.

BankRate.com: 5 steps to opening an account for kids.